Itochu Corporation employs "COMPANY" Accounting Series for the early adoption of IFRS

~ Replaces the existing system in order to conform to international accounting standards including asset retirement obligations ~

Works Applications Co., Ltd. (Headquarters: Minato-ku, Tokyo; Executive Director and CEO: Masayuki Makino; hereinafter "WAP") is pleased to announce that ITOCHU Corporation (Headquarters: Minato-Ku, Tokyo; President: Masahiro Okafuji; hereinafter "Itochu") has selected "COMPANY Assets Management" and cash management system "COMPANY Cash Management" to support to its core financial management operations.

System revamping in anticipation of conformance to early adoption of IFRS

At Itochu, the largest general trading company in Japan, it was decided to adopt IFRS (International Financial Reporting Standards) at an early stage, but for IFRS convergence items starting with asset retirement obligations and adoption handling, it would be necessary to pay for a version upgrade in order to continue to utilize the same system. Taking into consideration the continued conformance to IFRS as a moving target and the costs that would be required each time modifications were made, Itochu began investigating escaping from the current package software system.
 

COMPANY has a unique product concept; additional functions are provided free of charge, even for conformance to future IFRS items

In the end Itochu decided to employ "COMPANY", into which functions for asset retirement obligations were implemented in 2009 and which already has introduction results for those functions. COMPANY not only handles asset retirement obligations but will also handle convergence or adoption changes that occur in the future. Each time modifications are made, they are supplied free of charge to all customers, and this unique product concept is evaluated highly. In addition, since it is packed with standard functions considered necessary by all kinds of industrial fields and business categories, when system changes, etc. occur, they can be handled by setting parameters, and the realization of this rapid system handling ability became one of the deciding factors in the selection.

COMPANY Assets Management, the asset management system employed by Itochu

COMPANY Assets Management has the functions required for mandatory application of IFRS as well as full support of all kinds of law revisions and business habits. It is a system that enables trends to be constantly pursued, even in the field of asset management where law revisions are common.

Overall image of COMPANY Assets Management

COMPANY Assets Management manages fixed assets as well as leased assets, rental real estate, centralized management of equipment, etc., and is also equipped with various kinds of functions such as depreciation calculations and tax report creation, and it will realize increased efficiency of work. Furthermore, we will respond quickly and appropriately to the rapid changes in accounting systems, such as asset impairment accounting, asset retirement obligations, etc.

COMPANY Financial Management Series Lineup

COMPANY Financial Management: General accounting, management accounting, single/consolidated balance sheets, etc.

COMPANY Business Management: Receivables/payables management, bill management, transaction management, etc.

COMPANY Cash Management: Funds management, cash management, financing, etc.

COMPANY Assets Management: Fixed asset management, lease asset management

COMPANY Purchase Management: General purchasing management, estimates, inspection, etc.

Media Contact:
Chuzen Kin
Works Applications
jin_z@worksap.com
//ActiveCampaign